Wearable transaction device

Abstract

A wearable transaction device may include a housing, a fastener component attached to the housing, and an electronic chip secured within the housing. The wearable transaction device may detect a connection with a user device, and receive, from the user device and via the connection, security information for operating the wearable transaction device. The security information may indicate one or more conditions for placing the wearable transaction device in a payment mode or a non-payment mode. The wearable transaction device may receive a request to perform the transaction, and determine, based on the security information, whether the wearable transaction device is in the payment mode or the non-payment mode. The wearable transaction device may selectively perform the transaction based on whether the wearable transaction device is in the payment mode or the non-payment mode.

What is claimed is: 
     
       1. A wearable transaction device, comprising:
 an electronic chip configured to:
 receive, from a user device and via a connection with the user device, security information for placing the wearable transaction device in a payment mode or a non-payment mode,
 the payment mode allowing the wearable transaction device to be used to perform a transaction independent of communication with the user device, and 
 the non-payment mode preventing the wearable transaction device from being used to perform the transaction until the wearable transaction device is re-paired with the user device, 
 
 terminate the connection with the user device; 
 receive transaction information; and 
 determine, based on the security information and the transaction information, whether to transition the wearable transaction device into the payment mode or non-payment mode. 
 
 
     
     
       2. The wearable transaction device of  claim 1 , wherein the security information indicates one or more of:
 a condition, of one or more conditions indicated in the security information, to be satisfied to place the wearable transaction device in the payment mode or the non-payment mode, or 
 a combination of conditions, of the one or more conditions, to be satisfied to place the wearable transaction device in the payment mode or the non-payment mode. 
 
     
     
       3. The wearable transaction device of  claim 1 , wherein the electronic chip is further configured to:
 re-pair with the user device; and 
 restore the wearable transaction device to the payment mode based on being re-paired with the user device. 
 
     
     
       4. The wearable transaction device of  claim 1 , wherein the security information indicates one or more conditions, customizable by a user of the user device, to be satisfied to place the wearable transaction device in the payment mode or the non-payment mode. 
     
     
       5. The wearable transaction device of  claim 1 , wherein the security information indicates one or more conditions and corresponding threshold values for the one or more conditions. 
     
     
       6. The wearable transaction device of  claim 1 , wherein the security information indicates one or more of:
 a condition associated with a threshold number of times a fastener component of the wearable transaction device can be opened or closed, 
 a condition associated with a threshold amount of money that can be transferred, 
 a condition associated with a threshold period of time since the wearable transaction device was last paired with the user device, 
 a condition associated with a threshold period of time the wearable transaction device is stationary, or 
 a condition associated with a threshold number of transactions that can be made while the wearable transaction device is in the payment mode. 
 
     
     
       7. The wearable transaction device of  claim 1 , wherein the security information is stored in a memory of the wearable transaction device. 
     
     
       8. A wearable transaction device, comprising:
 a housing defining an interior; 
 a fastener component attached to the housing,
 the fastener component being movable between an open position and a closed position to facilitate attaching the wearable transaction device to a user or item associated with the user; and 
 
 an electronic chip enclosed within the interior,
 the electronic chip configured to:
 receive, from a user device and via a connection with the user device, security information for placing the wearable transaction device in a payment mode or a non-payment mode,
 the payment mode allowing the wearable transaction device to be used to perform a transaction independent of communication with the user device, and 
 the non-payment mode preventing the wearable transaction device from being used to perform the transaction until the wearable transaction device is re-paired with the user device, 
 
 terminate the connection with the user device; 
 receive transaction information; and 
 determine, based on the security information and the transaction information, whether to transition the wearable transaction device into the payment mode or non-payment mode. 
 
 
 
     
     
       9. The wearable transaction device of  claim 8 , wherein the fastener component includes a metal projection that is adapted to complete a circuit in the interior when the fastener component is in the open position or the closed position. 
     
     
       10. The wearable transaction device of  claim 8 , wherein the fastener component comprises a locking element to retain the fastener component in the closed position. 
     
     
       11. The wearable transaction device of  claim 8 , wherein the fastener component comprises a pin,
 wherein the pin is spaced away from the housing when in the open position, and 
 wherein a tip of the pin is fixed to the housing when in the closed position. 
 
     
     
       12. The wearable transaction device of  claim 8 , wherein the security information indicates one or more conditions and corresponding threshold values for the one or more conditions. 
     
     
       13. The wearable transaction device of  claim 8 , further comprising:
 a near field communication (NFC) antenna within the interior, and 
 wherein the transaction information is received using the NFC antenna. 
 
     
     
       14. The wearable transaction device of  claim 8 , wherein the electronic chip is further configured to:
 perform cross-authentication to establish a communication session with the user device. 
 
     
     
       15. A wearable transaction device, comprising:
 a housing having a front surface, a rear surface, and a side surface; 
 a fastener component; 
 the fastener component being adapted to attach the wearable transaction device to a user or an item of the user; and 
 an electronic chip secured within the housing,
 the electronic chip configured to:
 receive, from a user device and via a connection with the user device, security information for placing the wearable transaction device in a payment mode or a non-payment mode,
 the payment mode allowing the wearable transaction device to be used to perform a transaction independent of communication with the user device, and 
 the non-payment mode preventing the wearable transaction device from being used to perform the transaction until the wearable transaction device is re-paired with the user device, 
 
 terminate the connection with the user device; 
 receive transaction information; and 
 determine, based on the security information and the transaction information, whether to transition the wearable transaction device into the payment mode or non-payment mode. 
 
 
 
     
     
       16. The wearable transaction device of  claim 15 , wherein the fastener component comprises one or more of:
 a clamping arm pivotably attached to a rear surface of the housing via a pivot mechanism, or 
 a support arm fixedly attached to the rear surface of the housing. 
 
     
     
       17. The wearable transaction device of  claim 15 , wherein the electronic chip is further configured to:
 perform authentication to establish a communication session with the user device. 
 
     
     
       18. The wearable transaction device of  claim 15 , wherein the security information indicates one or more conditions, customizable by the user, to be satisfied to place the wearable transaction device in the payment mode or the non-payment mode. 
     
     
       19. The wearable transaction device of  claim 15 , wherein the security information indicates one or more conditions associated with the fastener component. 
     
     
       20. The wearable transaction device of  claim 15 , wherein the electronic chip is further configured to:
 restore the wearable transaction device to the payment mode based on moving the fastener component in a particular manner.